(Updated with additional information and quote from Panera chairman.)
NEW YORK ( TheStreet) -- Restaurant stocks were mostly lower Wednesday following the latest round of earnings announcement from Panera Bread ( PNRA), Buffalo Wild Wings ( BWLD), Brinker International ( EAT), P.F. Chang's China Bistro ( PFCB) and Kona Grill ( KONA).
Panera posted third-quarter earnings of $23 million, or 75 cents per share, in line with expectations, but top-line sales of $372 million came in just shy of analysts' consensus call for revenue of $373 million. Quarterly profits jumped 21.1% year-over-year. >>Chipotle, Cheesecake Factory, BJ's Beat Expectations Still, the sandwich and salad purveyor was optimistic. Panera raised its earnings guidance for the current quarter, saying it now expects to earn between $1.15 and $1.17 per share in the fourth quarter. That's as much as a nickel past Wall Street's expectations for fourth-quarter earnings of $1.13 per share. "We're coming right through this recession as strong as ever," Executive Chairman Ronald M. Shaich told TheStreet. >>Restaurant Stocks: Earnings to Watch Panera reported that system-wide same-store sales, or sales at stores open at least one year -- a closely watched metric in the restaurant industry -- grew 6.9% in the recent quarter. The comps data included a 5.5% increase at company-owned stores and a 7.9% increase at franchise-operated locations.